Brokerages Set Truist Financial Corporation (NYSE:TFC) Price Target at $50.00

Truist Financial Corporation (NYSE:TFC) has received an average recommendation of “Moderate Buy” from the seventeen analysts that are presently covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $50.00.

A number of analysts have recently commented on the stock. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Piper Sandler set a $48.00 target price on Truist Financial in a research report on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Truist Financial in a research note on Monday. Finally, TD Cowen upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Tuesday, October 21st.

Truist Financial Trading Down 0.0%

Shares of TFC stock opened at $47.54 on Friday. Truist Financial has a 1-year low of $33.56 and a 1-year high of $48.53. The company has a market cap of $60.81 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50 day simple moving average of $44.79 and a 200-day simple moving average of $43.97.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 EPS. On average, equities research analysts expect that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. Truist Financial’s dividend payout ratio is presently 55.91%.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Hedge funds have recently bought and sold shares of the business. First Hawaiian Bank lifted its position in shares of Truist Financial by 8.6% in the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after purchasing an additional 948 shares in the last quarter. Credit Agricole S A increased its stake in Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after buying an additional 216,672 shares during the last quarter. Empower Advisory Group LLC lifted its position in Truist Financial by 319.8% during the 1st quarter. Empower Advisory Group LLC now owns 29,143 shares of the insurance provider’s stock worth $1,199,000 after buying an additional 22,201 shares in the last quarter. Inspire Trust Co. N.A. boosted its stake in shares of Truist Financial by 9.8% during the 1st quarter. Inspire Trust Co. N.A. now owns 90,000 shares of the insurance provider’s stock worth $3,704,000 after buying an additional 8,000 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Truist Financial in the 1st quarter valued at about $2,435,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.